There are several elements that you need to factor in when deciding how to Play a Par 3. First of all stats on Par 3's are usually the worst as it does require to hit your first shot reasonably well unless you're playing for bogey. The most crucial part is assessing the layout of the hole. More specifically is it worse to miss left or right or short or long.
Typically in most courses the most penalising position is over the back of the green. When forming a decision to what club to use identify where the flag is positioned as well how the wind will affect the shot. If you know the flag is positioned at the back of the green with trouble being over the back, ensure you calculate the distance to the middle or front of the green to ensure you can have a safe two putt. Even if you're short of the green it can be far better than over the back.
The other element is which part of the green to land. Depending on your skill level, you would either take the trouble on (going over water or bunker) or play safe to the correct segment of the green. The higher the handicap I would always tend to play short of the flag to ensure an uphill putt and to the side of the green where we can avoid the most trouble.
The other element is wind. If the wind is quite strong, you would obviously go a longer club. I would even recommend going two extra clubs and doing a half swing as it is easier to control the tempo. Swinging too fast can be detrimental in the wind as it has a tendency to create too much backspin on the ball and fall short.
Like any hole the goal will always be to lesson a real blow out hole. Try and make the smartest decision on the tee before executing your shot.
If you'd like any further help in strategising for holes just let me know.